PSPPROJECT
PSP Projects share price & financials
- Price
- ₹969.1
- Market cap
- ₹3.8k Cr
- Sector
- Construction
- Calls analysed
- 6
PSP Projects Limited Q1 FY27
What went well
- Strong revenue growth of 65% YoY to ₹853 crores in Q1 FY27.
- Significant EBITDA expansion of 121% YoY to ₹55 crores, with margin improving to 6.42% from 4.79%.
- Net profit surged almost 50 times YoY to ₹18 crores, with margin at 2.12%.
What to watch
- Employee costs increased to ₹46 crores (5.4% of sales) in Q1 FY27, higher than the average 4-4.5%, temporarily impacting margins.
- Receivables of ₹40 crores and unbilled revenue of ₹60 crores from UP medical projects are pending, with resolution expected by August/September 2026.
What PSP Projects Limited does
PSP Projects is an integrated EPC (design-to-build) construction company that undertakes turnkey civil, structural, MEP (mechanical, electrical and plumbing), interior fit-out and operations & maintenance work across industrial, institutional, government, government-residential and residential projects in India. It earns revenue through project-based construction contracts for private conglomerates such as the Adani Group, Zydus Cadila and Torrent Group as well as government bodies and PSUs, taking projects from design through construction and handover. A captive precast concrete manufacturing facility in Gujarat lets it prefabricate structural elements off-site to speed up execution on large-scale and high-rise projects.
Segments
- Industrial
- Institutional
- Government
- Government Residential
- Residential
- Completed projects
- 256 (as of FY26)
- Ongoing projects
- 94 (as of FY26)
- Workforce
- 2,383 (FY26, year ended March 31, 2026)
- Geographic presence
- Construction operations across Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra and New Delhi
- Precast manufacturing facility
- Captive precast concrete plant in Gujarat, commissioned December 2021
- Precast production capacity
- About 3 million sq. ft. per year
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 3 delivered 2 missed 14 open- Working Capital Days missed said Q4 FY25 Promised: Normalization to ~30-35 days / ~₹400 cr receivables Q1 FY27: No new data provided. Focus has shifted to the revised target of 60-70 days.
- EBITDA Margin revised down said Q4 FY25 Promised: 8-9% Q1 FY27: Reiterated the revised FY27 target of 7-8%, though Q1 margin was 6.42%. The original 8-9% long-term target remains abandoned.
- FY26 Revenue delivered said Q4 FY25 Promised: more than ₹3,000 crores Q4 FY26: Full year FY26 revenue reported at ₹3,149 crores, meeting the revised guidance.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 64.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 586 | 630 | 673 | 518 | 703 +20% | 813 +29% | 1,115 +66% | 853 +65% |
| EBITDA | 38 | 36 | 32 | 25 | 50 +32% | 55 +53% | 60 +88% | 55 +120% |
| Net profit | 10 | 5 | 6 | 0 | 16 +60% | 18 +260% | 21 +250% | 18 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +9.9% 1Y
1Y: ₹770.05 on 10 Sept 2025 → ₹846.4. High ₹1,099 (6 Jul 2026), low ₹575.5 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −7.1%
- 30 Jul
- Q4 FY26
- +1.8%
- 30 Apr
- Q3 FY26
- −1.4%
- 30 Jan
- Q2 FY26
- −1.2%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 17.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.9k Cr | ₹2.5k Cr | ₹2.5k Cr | ₹3.1k Cr |
| Operating profit | ₹230 Cr | ₹261 Cr | ₹180 Cr | ₹190 Cr |
| Operating margin | 11.9% | 10.4% | 7.2% | 6.0% |
| Interest | ₹32 Cr | ₹50 Cr | ₹44 Cr | ₹45 Cr |
| Depreciation | ₹40 Cr | ₹65 Cr | ₹73 Cr | ₹87 Cr |
| Net profit | ₹132 Cr | ₹124 Cr | ₹56 Cr | ₹55 Cr |
| Net margin | 6.8% | 4.9% | 2.2% | 1.7% |
| ROCE | 25.0% | 19.0% | 9.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹36 Cr | ₹36 Cr | ₹36 Cr | ₹36 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹500 Cr | ₹651 Cr | ₹765 Cr | ₹879 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Borrowings | ₹84 Cr | ₹100 Cr | ₹145 Cr | ₹455 Cr | ₹364 Cr | ₹330 Cr |
| Other liabilities | ₹372 Cr | ₹484 Cr | ₹819 Cr | ₹667 Cr | ₹1.1k Cr | ₹1.5k Cr |
| Total liabilities | ₹991 Cr | ₹1.3k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.7k Cr | ₹3.1k Cr |
| Fixed assets | ₹116 Cr | ₹207 Cr | ₹240 Cr | ₹322 Cr | ₹360 Cr | ₹413 Cr |
| Capital work in progress | ₹42 Cr | ₹0 Cr | ₹18 Cr | ₹3 Cr | ₹2 Cr | ₹1 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹833 Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.7k Cr | ₹2.3k Cr | ₹2.7k Cr |
| Total assets | ₹991 Cr | ₹1.3k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.7k Cr | ₹3.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse PSP Projects Limited
Guides on how to read this kind of business and the numbers that matter.